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ASSBIFI commends NAICOM on IAA takeover

By on March 26, 2011

THE Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) Investment & Allied Assurance Plc (IAA) unit, has commended the action the National Insurance Commission (NAICOM) took recently to arrest the drift at Investment and Allied Assurance (IAA) Plc.

The union believes that the action of NAICOM helped to save all stakeholders (investors, insuring public, staff and contractors) from further woes.

In a letter of appreciation sent to the commission on behalf of the union and signed by Jegede Temitope and M. A. Sunmonu, president and secretary respectively, the union thanked the commission “for bailing out Investment & Allied Assurance Plc from the predicament it found itself.

“No doubt, the diligent manners with which you (NAICOM) handled the case has paid off, and IAA is gradually coming out from the precipice the directors intentionally dragged the company into. The staff has started to see light at the end of the tunnel.

“The maturity you (NAICOM) used in treating the challenges passed through by IAA has clearly shown your commitment, dedication and loyalty to the insurance industry and Nigeria in general, given the fact that the collapse of IAA would have sent a bad signal to the whole world about Nigeria.”

The union prayed for wisdom for NAICOM and the interim management to direct the company to an enviable position.

The National Insurance Commission (NAICOM), acting in accordance with its statutory powers under (part V11) of the NAICOM Act 1997, recently suspended the management of IAA from office with immediate effect.

In the interim, NAICOM, as the insurance regulatory authority, has assumed control of the company and has appointed a team of tested professionals to manage the affairs of the company for an initial period of six months.

This development is sequel to reports of findings from routine inspection of the company by the commission and the failure of the management of the company to satisfactorily correct material lapses observed and brought to its attention by the commission.

Source : Tribune